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Gold In U.S. Dollars – 2 Years and 50, 100, 200 Simple Moving Averages (Thomson Reuters)
Gold rose for a second-day in London as new sanctions on Russia increased safe haven demand.
Geopolitical tensions with Russia and in the Middle East are leading to haven demand and there are bargain hunters buying gold bars and coins at the levels.
Gold’s 14-day relative strength index (RSI) is back to 49 this morning from its low for the week of 42.8 on Tuesday. Prices are holding above their 100-day simple moving average at $1,303/oz. Futures trading volume was 23% below the average for the past 100 days for this time of day.
Silver, platinum and palladium are all outperforming gold.
Palladium prices hit their highest since February 2001 this morning at $882.20/oz. Russia, the world’s largest producer of palladium had another round of U.S. sanctions imposed on them yesterday, over what Washington says is Moscow’s failure to curb violence in Ukraine.
Russia’s palladium exports to Switzerland reached an 11 month high in April, Swiss Federal Customs Administration data show. Shipments then fell 29% in May but were still at the second-highest level in a year. Russia has reduced sales from government stockpiles but typically exports palladium to Switzerland for storage and refining.
Palladium has surged 23% so far this year as a South African mine strike cut output and there are concerns about Russian supplies.
Gold imports by India jumped 65% to $3.12 billion in June from $1.89 billion a year earlier, after the central bank allowed more banks and traders to buy bullion overseas, the Commerce Ministry said yesterday. June imports were estimated at about 74 metric tons.